Charts: SBI - SAIL - RELIANCE
Charts : MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE :
Inspite of weakness in US and Asian markets, Nifty Future continued its march to touch 5047 before coming down in the last half hour of trade. The moot point is that can Nifty Future maintain its upward march when Reliance is showing weakness? The answer is NO. In other words, if Nifty future is to continue its upward march, Reliance has to catch up or else Nifty Future has to come down.
I must remind that the two hurdles - 5040 and 5050 referred yesterday, should normally offer strong resistance, but in these days - when Cash is King, Technical Resistances have very limited role to play. I would continue to remain cautious @ 5050 + levels and not advise fresh long position. Next resistance level is 5075 and 5150.
On downside one should create short positions only below 5000 with Stop loss of 5040. it will find support @ 4975 and 4920.
While we have always seen that Nifty will continues upward march up to FNO settlement day, i would like to caution that there is no such rule and market which is going up, can break the trend even during the last two days. So please protect your long positions, with tight STOP LOSS levels.
Put Call Ratio of Index Options reduced to 1.39 as against 1.65 yesterday. It would be interesting to see this indicator in the beginning of the new series.
With Best Wishes,
Ketan Asher.
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